Revenues and pre-tax earnings per quarter were as follows in fiscal 2007:
|in € thousands||Q1 2007||Q2 2007||Q3 2007||Q4 2007||2007|
|in % of annual revenue||25.2||24.4||23.1||27.3||100.0|
|Earnings before taxes||28,163||37,946||30,412||40,570||137,091|
|in % of net income for the year||20.5||27.7||22.2||29.6||100.0|
In order to show seasonal influences, the revenues of SPL Software Ltd., Israel from January 1, 2007 through March 31, 2007 as well as the revenues of webMethods, Inc., USA from January 1, 2007 through May 24, 2007 were added to the revenues of the Software AG Group. Prior years showed a similar structure of revenues per quarter, which primarily reflects the purchasing behavior of our customers.
Pre-tax earnings show unadjusted values for Software AG Group, excluding minority interests of acquired companies from the beginning of the year up to the date of acquisition. Because of the acquisitions of these companies and the cost synergies achieved during the fiscal year, the presentation does not reflect the normalized profit allocation. For this reason, no forward-looking statements can be derived from this profit allocation.
Given the forward-looking nature of these disclosures, the presentation of the previous year’s figures was omitted.
|in € thousands||March 31, 2008||Dec. 31, 2007||March 31, 2007|
The carrying amount of collateral received is €521 thousand (Q1 2007: €0 thousand).
Other financial commitments
The Company has entered into rent and lease agreements for buildings, land, computer and telephone equipment, and vehicles. The obligations under these agreements for their remaining non-cancelable terms up until the end of fiscal 2008 amount to €7,506 thousand (Q1 2007: €6,318 thousand). Obligations of €40,915 thousand exist for the period up until the end of fiscal year 2013 (Q1 2007: €23,822 thousand until the end of fiscal 2012), and obligations of €6,130 thousand for the period after fiscal 2013 (Q1 2007: €4,612 thousand for the period after fiscal 2012). The lease agreements are operating leases as defined in IAS 17.
Stock option plans
Software AG has different stock option plans for members of the Executive Board, officers, and employees of the Group. In the first quarter of 2008, in accordance with IFRS 2, personnel expenses of €281 thousand were recognized for stock option plans with optional fulfillment through equity instruments, and personnel expenses of €844 thousand were posted for stock option programs with fulfillment through cash settlement. A total of 36,013 options were exercised in the first quarter from the second stock option plan, and 502 stock options were withdrawn. A further total of 155,392 options from this plan were issued to Executive Board members and officers.
Another 14,500 stock options with an exercise price of €72.36 were issued to officers and employees in Q1 2008 as part of the third stock price based compensation plan, and 21,000 stock options were withdrawn from officers and employees due to departure from the Company. Another 75,000 subscription rights granted as stock options were converted into stock appreciation rights. Thus 907,500 subscription rights were granted as stock options and an additional 1,100,000 as stock appreciation rights from the third stock price based compensation plan as of the end of the quarter. A total of 574,825 stock options were not measured due to expected employee turnover.
Please refer to the 2007 Annual Report for further disclosures on the option plans.